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Deal 5: Former Raunistal Owners Regiina Pihlak and Raivo Pihlak on Sale to Enefit Green

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On March 8, 2021, CEE Legal Matters reported that Lextal had advised the owners of Raunistal on the sale of 100% of their shares to Estonian state owned renewable energy company Enefit Green. CEE In-House Matters spoke with the two former owners, Regiina Pihlak and Raivo Pihlak, to learn more about the sale. 

CEELM: To begin with, tell our readers a bit about Raunistal.

Regiina: Raunistal was founded in 2005 for the purpose of developing the Purtse wind farm (48 MW). The wind farm is located in Estonia, in the Ida-Viru county. Since 2010, we — Raivo Pihlak and I — have developed this project as a father-daughter team. The development has had its ups and downs, but the experience we have gained over the years in working in both the public and private sectors has made us experts in the field of wind energy.

CEELM: Lextal recently advised you on the sale of your company to Estonia’s Enefit Green. What influenced your decision to sell the company?

Raivo: A few years ago we decided to sell Raunistal, including the Purtse project, in order to focus on developing new wind projects. We plan to develop and sell new projects to other companies similar to Enefit Green.

CEELM: How long did the sale process last and when is electricity production planned to start?

Regiina: Negotiations for the sale of the Purtse wind farm lasted about six months. With Enefit Green becoming the new owner of Raunistal, the plan is to start producing electricity in 2023.

CEELM: Could you tell us a bit more about Lextal’s role? What was the firm’s mandate on this transaction?

Raivo: Lextal's role in the transaction was to drafting contracts and advising on and resolving legal issues, as well as executing the sales transaction.

CEELM: Finally, what made you choose Lextal as your legal advisor?

Regiina: We involved Lextal in the company's sales process, as they are one of the leading firms in Estonia and their experts are at the top of their field. Our cooperation was very successful and we will continue as partners on future wind projects. 

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